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  1. #16
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    Thanks for that!

    These are done on the IR3 right?

  2. #17
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    Quote Originally Posted by rayonline View Post
    Thanks for that!

    These are done on the IR3 right?
    Yes. When you complete the IR3 you will be directed to also complete another form as well declaring your foreign income (forgot the exact name of the form sorry, but you will be given the link while completing your IR3).

  3. #18
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    Thanks, think it's the IR458.

    It says, "10% or greater income interest and less than 5% passive income (attributed income exemption)".

    Are shares considered as passive income? So if the 10% figure isn't met, is the IR458 required. Or is a different form.

  4. #19
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    Not sure what "other form" you are referring to but I have never filled one in. Simply put the income in the "overseas income" box and the overseas tax where it is supposed to go.


    Rayonline to simplify it you have to pay tax on the increase of your funds over a year plus your dividends to a maximum of 5% of the opening balance. Overseas tax paid can be claimed separately.

    Buying and selling throughout the year has to be accounted for and can be complicated if you don't get a thorough understanding of the procedure. You postings would indicate you have a way to go so be careful.

  5. #20
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    I been following the document. Yep there is an adjustment for buying and selling. I get that, a procedure though to calculate.

    To start off I won't meet the FIF obligation anyway.

  6. #21
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    Quote Originally Posted by rayonline View Post
    I been following the document. Yep there is an adjustment for buying and selling. I get that, a procedure though to calculate.

    To start off I won't meet the FIF obligation anyway.
    Remember it is the cost price of your investments that is used to calculate whether you are above the $50,000 or not. The change in value of the investment is ignored.

  7. #22
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    Assuming no more purchases, (or sales) does it get re-calculated at any some point 777 from your understanding?

    That is, if I bought 1 or more "qualifying" shares to the value of $49,500 and by 31 March next year were worth $60K without any further purchases, maybe only dividends received, under present law nothing to declare except the dividends

  8. #23
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    As I understand it you are correct. However if you were to reinvest the dividends (i.e. take shares instead of cash) then they would add to your $49,500.

  9. #24
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    Quote Originally Posted by 777 View Post
    Remember it is the cost price of your investments that is used to calculate whether you are above the $50,000 or not. The change in value of the investment is ignored.
    Yup the acquired cost of them. I won't be buying $50k of shares to begin with anyway...

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